0883.HK, 600938.SH · Hong Kong · A-shares
0883.HK / 600938.SH CNOOC: low-cost barrels, dividend resilience
CNOOC 2025 revenue ¥398.220B (−5.3%), parent NI ¥122.082B (−11.5%); all-in cost ~$27.9/boe; OCF ~¥209B. HK ~HK$23.8 (A-share ~¥32.3). Softer oil cuts NI, but low cost + dividend remain the moat.
Cite a section with a deep link, e.g. /en/r/cnooc-0883-research#thesis
Market snapshot
- HK (~7/31)
- HKD 23.82
- Market cap (approx)
- HKD 1130.0B
- 2025 parent NI
- CNY 122.1B
- 2025 OCF
- CNY 209.0B
Thesis
CNOOC (0883.HK / 600938.SH) is China's offshore oil & gas champion. 2025 revenue ¥398.220B (−5.3%), parent NI ¥122.082B (−11.5%); realized oil $66.47/bbl, all-in cost ~$27.9/boe, OCF ~¥209B.
HK ~HK$23.8 (A-share ~¥32.3). Core is low-cost barrels + dividend resilience.
Business
Model: China’s offshore E&P — monetize oil/gas price spreads on a low-cost barrel stack and return cash via high payout.
Flagships: crude, natural gas, and related trading.
Competitiveness: all-in cost ~$27.9/boe — globally competitive; volume growth and reserve replacement stronger than most domestic upstream peers.
Strategy (12–24m): deliver production guides, hold unit costs, land the final dividend; oil mid-cycle sets earnings torque.
Value chain
Position: upstream oil & gas production.
| Side | Counterparties | Dependence |
|---|---|---|
| Upstream | Oilfield services, rigs, vessels | Service capacity and weather windows |
| Downstream | Refiners, city-gas, industrials | Oil prices and domestic gas mechanisms |
Supply-chain risks: (1) offshore kit and OFS bottlenecks; (2) typhoon/HSE events — echoed in Risks.
Price & valuation
Upstream multiples track oil expectations; low cost curve is the relative floor. Watch A/H premium and yield.
Financial trend (~24 months)
Revenue and GM eased with softer oil; figures in CNY (price KPIs in HKD). Mild seasonality — oil and volumes drive QoQ.
Revenue · last 8 quarters
Interactive chart available in the reader.
Gross margin · last 8 quarters
Interactive chart available in the reader.
Operations
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| Revenue 2025 | ¥398.220B | −5.3% | Oil soft |
| Parent NI 2025 | ¥122.082B | −11.5% | Still high earnings |
| Realized oil | $66.47/bbl | −13.4% | Gas +3.0% |
| All-in cost | $27.9/boe | — | Cost moat |
| OCF | ¥209.042B | −5.4% | Funds dividend + CapEx |
Competition
Peers: PetroChina/Sinopec upstream and IOCs; on-site yield-energy contrast China Shenhua.
Strengths: cost curve and volume growth; dividend resilience. Weaknesses: NI falls in an oil crash; offshore ops and geopolitical premium.
Peer comparison
| Company | Position / share | GM / margin | Strength | Weakness |
|---|---|---|---|---|
| 中国海油 0883 (self) | 海上油气龙头 | ~40%+ | 桶油成本 ~$28；产量增长 | 油价 beta；海上作业风险 |
| 中国神华 601088 | 能源高股息对照 | 煤电一体 | 分红与一体化现金 | 煤价与转型压力 |
| 中石油 / 中石化（上游） | 陆上油气对照 | 成本曲线更高 | 一体化炼化 | 单位成本通常高于海油 |
| 国际石油巨头（示意） | 全球上游对照 | 随油价 | 全球资产分散 | 成本与分红政策各异 |
Management
Key management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长 / Chair | 汪东进 | 公开披露任职 | 期间无重大披露变动（以最新年报为准） |
| 首席执行官 / CEO | 周心怀 | 公开披露任职 | 期间无重大披露变动 |
| CFO / 财务负责人 | 王家祥 | 公开披露任职 | 期间无重大披露变动（以最新年报为准） |
24m changes: No material disclosed turnover in Chair Wang Dongjin, CEO Zhou Xinhuai, et al. (per latest annual).
Stability: Central-SOE bench stable; production guides and dividend delivery matter more than personnel.
Outlook
Track Brent/WTI, production guides, unit costs, and final dividend (board proposed HK$0.55/share final).
Scenarios
| Scenario | Conditions | Implication |
|---|---|---|
| Bull | Oil rebounds; volumes up | NI + dividend upgrades |
| Base | Mid oil; costs controlled | Yield energy hold |
| Bear | Oil crash | NI down but better than high-cost peers |